Los Alamos, N.M.-based TrinityCapital Corp. filed its Form 10-K for the fiscal year ended Dec. 31,2014, which indicated that it still has weaknessesin its internal controls.
Filed on May 9, the Form 10-K is the company's first since itfiled the same document for the year ended Dec. 31, 2013. In March, the companyalready reported thatit would file its 2014 Form 10-K as soon as practicable and would not be able tofile its 2015 Form 10-K within the prescribed period.
The company said there are material weaknesses in its internalcontrols over financial reporting and disclosure controls dating to 2006, whichhave not yet been fully remediated. Remediation plans are already in place but arecurrently in different stages of progress as of the Form 10-K's filing date. Thecompany also stated that it cannot provide any guarantees as to the success of theplans or whether its internal control over financial reporting will become effectiveas a result of the plans.
Steps the company has taken to address its material weaknessesinclude the appointment of several new members of senior management and the appointmentof two new independent directors in 2015, as well as a restructuring of the processand controls for loan review. Trinity said that it also is in the process of convertingits systems and tools used for compiling and issuing its financials.